Oil prices dip
Oil prices slid in Asian trade yesterday after nuclear talks over the
weekend between major crude producer Iran and world powers eased
concerns over Middle East supply, analysts said. New York’s main
contract, West Texas Intermediate crude for delivery in May, was down 61
cents to $ 102.22 per barrel while Brent North Sea crude for June shed $
1.13 to $ 120.08 in morning trade.
“Oil has slipped after ‘constructive’ talks between Iran and six of
the world’s biggest economic superpowers,” said Justin Harper, market
strategist at IG Markets Singapore in a note. “This has helped take some
of the ‘war premium’ out of energy prices,” he added.
Saturday’s nuclear talks between officials from Iran and diplomats
from the so-called P5+1 group comprising the United States, Russia,
China, Britain, France and Germany have largely been described as
“positive” by both sides.
However Western officials have stressed that a great deal was
expected of the Islamic republic at the next meeting in Baghdad on May
23.
- AFP
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